TNK BP ignores security fears to bid for share of Iraq’s gas reserves

TNK-BP has made growth of its international business a priority since a bruising shareholder row in 2008

TNK-BP is among the international companies competing for a slice of Iraq’s huge gas reserves in an auction to be held in Baghdad today.

The Moscow-based group, which is owned jointly by BP and a consortium of four Soviet-born oligarchs, is one of 13 companies to have qualified to bid for three of the nation’s gasfields.

It has made growth of its international business a priority since a bruising shareholder row in 2008. One of the contentious issues was the perception by the Russian co-owners that BP was stifling their wish for the company to expand overseas.

Other bidders for the three Iraqi fields include Total, of France, and Eni, of Italy.

The level of interest in the auction remains muted because of the high…